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Tesla Model 3 Production in Trouble

Tesla Inc CEO Elon Musk on Friday pushed back the unveiling of the company’s big rig truck until mid-November, tweeting that the electric vehicle maker was diverting resources to fix production bottlenecks of its new Model 3 sedan and to help Puerto Rico. Musk said Tesla’s Model 3 was “deep in production hell” echoing his own comments in July, when he showed off some of the first cars of that model, Reuters reported. The Model 3 could help Tesla approach its goal of becoming more of a mass market producer. Recent comments have tempered expectations about the speed of the increase in production, though. Musk’s comments came after the close of stock trading on Friday. The company’s shares fell 0.8% in extended trading. The Palo Alto, California-based company delivered just 220 Model 3 sedans and produced 260 in the third quarter. It had planned to produce more than 1,500. Musk also tweeted the company was diverting resources to increasing battery production to help hurricane-hit Puerto Rico, where most residents remain without electricity.